Bears totally dominated october expiry in the last two weeks without giving any chance for the bulls. Even on the expiry day, bears proved their might in the last one hour of trade.
The main key was the break of 4900 levels and unwinding of the 4900 puts earlier which prompted for the bearish close for the expiry.
Now that a new series has begun, it is likely that markets will give a bounce to 4950 levels in the short term and then might again get into the bearish mode. This is the indication as of now.
It is not yet time to read the PCRs, but pattern suggests a move till 4950 which could act as a hard resistance level to break for the series.
Resistance levels : 4785, 4818, 4845
Support levels : 4734, 4705
Happy Trading
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